Emerald Resources (EMR) H2 2025 earnings summary

Executive summary

• Achieved record after-tax profit of $87.6M (up 9% YoY) on revenue of $437.8M (up 18% YoY), driven by Okvau Gold Mine in Cambodia.

• Ended FY25 debt-free, with cash and bullion of $224.1M, up from $162.3M in FY24.

• Produced 98,110oz gold at Okvau at AISC of US$1,075/oz; total gold produced since commercial production is 409,194oz at AISC US$863/oz.

• Expanded global gold resources to 3.66Moz, with significant resource growth at Dingo Range (+35%) and Memot (+30%).

• Became largest shareholder in Golden Horse Minerals (20.5% stake) via Southern Cross Gold Project divestment.

Financial highlights

• Revenue: $437.8M (FY24: $371.1M), up 18%.

• EBITDA: $204M (FY24: $190.7M), up 7%.

• Net profit after tax: $87.6M (FY24: $80.7M), up 9%.

• Operating cash flow before tax: $212.3M (up $21.5M YoY).

• Cash, bullion, and listed investments: $238M at 30 June 2025 (up $76M YoY).

• Final repayment of Sprott debt facility in April 2025; now debt-free.

Outlook and guidance

• Okvau FY26 gold production guidance: 105,000–120,000oz, with AISC US$900–1,000/oz.

• Focus on Okvau underground expansion, pit extensions, and near-mine exploration.

• Feasibility and permitting advancing at Dingo Range and Memot projects, targeting development decisions in FY26.

• Continued exploration and resource expansion in Cambodia and Western Australia.